What is Injective Protocol (INJ)? The 16th project on Binance Launchpad
Binance has just announced the launch of Injective Protocol (INJ). According to the announcement, Binance will use the lottery to issue INJ, the time to record users’ BNB balance will last six days from 00:00 am on Oct. 13 to 00:00 am on Oct.19.
What is Injective Protocol (INJ)
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized cross-chain derivatives trading and borderless DeFi. The platform supports a diverse array of derivative products such as CFDs, perpetual swaps, and more. The tech stack on the protocol brings an order of magnitude speed-up by scaling trade execution and settlement on layer-2 all while being fully decentralized. Injective’s fully decentralized nature uniquely allows individuals to permissionlessly create and trade derivatives markets.
The platform utilizes both the Ethereum and Cosmos ecosystems via peg zones in order to create its fast cross-chain trading infrastructure devoid of gas fees. Injective has built every component of the network to be fully trustless, censorship-resistant, publicly verifiable, and front-running resistant.
“It’s great to see more and more projects joining Binance Launchpad. We are pleased to provide our support for Injective Protocol and help grow the DeFi space together”, – said Binance CEO and Founder, CZ (Changpeng Zhao). We’re looking forward to seeing Injective leverage decentralization to build a more efficient financial ecosystem”.
“Binance has been a strong partner for us at Injective since day one. We are excited to be conducting our public sale on Binance Launchpad which has served as a great starting point for a number of promising projects in the past,” said Injective co-founder and CEO, Eric Chen.
INJ is the native token of Injective Protocol and is used across a diverse range of functions such as protocol governance, exchange fee value capture, derivative collateralization, liquidity mining, and staking.
- Token Name: Injective Protocol (INJ)
- Launchpad Hard Cap: 3,600,000 USD
- Total Token Supply: 100,000,000 INJ
- Total Tokens Allocated to Binance Launchpad: 9,000,000 INJ (9% of Total Token Supply)
- Public Sale Token Price: 1 INJ = 0.40 USD (price in BNB will be determined prior to the lottery draw date)
- Token Sale Format: Lottery
- Max Number of Winning Lottery Tickets: 18,000
- Allocation Per Winning Ticket: 200 USD (500 INJ)
- 2020/10/13 0:00 AM (UTC) to 2020/10/19 0:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 6-day period. Your final average daily BNB balance over these 6 days will determine the number of tickets that you will be able to claim.
- 2020/10/19 6:00 AM (UTC): Ticket claim will open at this time for all eligible users for a 24 hour period (ticket allocation and BNB holding rules). Users must also sign the Token Purchase Agreement at the same time, prior to completing the ticket claim. Please note that users will only be able to claim tickets once.
- 2020/10/20 6:00 AM (UTC): Ticket claim closes and the lottery draw begins.
- 2020/10/20 8:00 AM (UTC): Winning tickets are announced and the respective BNB will be deducted from each winning users’ accounts. Please ensure you have sufficient BNB in your spot exchange account to be deducted within 24 hours if you have a winning ticket. Please note that BNB in open orders, margin accounts, lending products, sub-accounts, futures accounts, fiat accounts, Launchpool accounts, or card accounts will not be eligible to be deducted.
To learn more about Injective Protocol (INJ), read Binance Research’s in-depth report here.
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